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Fintech startup Paymart to offer 'virtual ATM', partners 5 banks

01:35 AM Feb 10, 2024 IST | IANS
fintech startup paymart to offer  virtual atm   partners 5 banks
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New Delhi, Feb 9: Fintech startup Paymart on Friday said that it has partnered with five Indian banks to offer its innovative virtual, cardless, and hardware-less cash withdrawal service.

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Paymart has partnered with five prominent banks, including IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank, to roll out this service nationwide.

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The company is also in advanced discussions with four additional banks for further collaboration.

"Our future-ready technology, coupled with direct connectivity to banks' Core Banking Systems, positions us as a versatile Cardless Switch, complementing existing card operators and paving the way for a more inclusive and accessible banking ecosystem," Paymart founder and CEO Amit Narang said in a statement.

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The startup plans to launch pilot programmes with its partner banks in February/March, with a phased nationwide rollout slated for April/May 2024.

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It successfully piloted the virtual ATM service with IDBI Bank for over six months.

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The company said that the virtual ATM service will empower local shopkeepers, converting them into essential hubs for cash withdrawals without the need for traditional ATM machines or other hardware.

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